Intraday Market Update
US Equities gapped open higher this morning following strength in the Asian and European markets. With no economic data on the calendar and no earnings reports it has been a relatively quiet session so far. The S&P 500 gapped open about +8 points higher than Friday's close reaching a high of 1,105.91, about 2.50 points shy of its 200-day SMA at 1,108.31, but has since backed off about 6 points. The SPX is +0.75% higher and is now trading near the psychologically important 1,100 level. The NASDAQ is higher by +1%, the Russell 2000 has gained +1.6%, and the DJIA has tacked on +0.60%.

Moody's downgraded Greek government bonds four notches to Ba1 from A3. The bonds are now considered junk status. In a Moody's press release they stated "The Ba1 rating reflects our analysis of the balance of the strengths and risks associated with the Eurozone/IMF support package. The package effectively eliminates any near-term risk of a liquidity-driven default and encourages the implementation of a credible, feasible, and incentive-compatible set of structural reforms, which have a high likelihood of stabilizing debt service requirements at manageable levels."

Front month crude, natural gas and copper are all gaining. BP is getting hit again and is down -8.70% in early afternoon trading. Speculation of the future of BP's dividend has been a major subject in recent days. BP's board is meeting today to decide the fate of the dividend and has said they will make an announcement on the subject on Wednesday. CEO Tony Hayward is expected to travel to Washington on Wednesday, along with BP's chairman, to meet with President Obama. Over the weekend the Obama administration called on BP to setup an independent escrow account to pay claims to those affected by the oil spill.

Most commodities are higher with the exception of gold which is down -0.50% to $1,224 per ounce. The US Dollar is getting hit which is helping domestic equity markets.

Core Sector List:
Overall reading: 14 sectors advancing, 2 sectors declining.
Strongest Sectors: Semiconductors, Biotechnology, Retail
Weakest Sectors: Gold Miners, Home Construction

S&P 500 - Daily and 30-minute Intraday Charts:

Dow Jones - Daily and 30-minute Intraday Charts:

NASDAQ - Daily and 30-minute Intraday Charts:

Russell 2000 - Daily and 30-minute Intraday Charts: